You must purchase a term plan to protect your family’s financial future in the case of your untimely passing away. But you do receive tax benefits for purchasing term insurance. Therefore, term plans assist you in tax savings. They are an excellent instrument in that sense, but you should know under which part of the Income Tax Act the benefits of term insurance fall.

The advantages you get under Section 80C

Does Section 80C apply to term insurance? It does, without a doubt. Based on Section 80C of the Income Tax Act of 1961, you are eligible for a maximum tax exemption of 1.5 lakh rupees per year for both your term insurance policy and life insurance plans. (Calculate the amount of premium you have paid using the term insurance calculator.) Only you or your spouse, your dependent children, are eligible to get this benefit. There are a few provisions that must be remembered in this situation, like if your term insurance has been granted since April 1, 2012.

In that case, the tax deduction would only be valid if the total cost of premiums did not exceed 10% of the sum assured that the insurance promised. If your term plan were issued before or on March 31, 2012, the tax deduction would only be available if the entire cost of premiums was at most 20% of the sum assured that the policy offered. Hence, keep this in mind while considering term insurance tax benefits. Do you have a medical condition or a disability? The tax deduction will only apply if the premiums you have already paid are at most 15% of the sum guaranteed.

The advantages you have under Section 10 (10D)

According to Section 10 (10D) of the Income Tax Act of 1961, the tax benefit you receive from your term insurance is largely an exemption benefit. According to this specific clause, whatever money you get as a death benefit is excluded from income tax. This benefit also applies to your maturity benefit from a life insurance plan. It also includes any bonuses you might be eligible for in such circumstances.

It also doesn’t matter if you acquire the money from India or another nation. So, there is no question that this is a significant term insurance tax benefit. You must be aware that there are some limitations in this situation nevertheless. This specific benefit would not be available if you received the money under Section 80DDA (3) or 80DD (3). Your policy’s death benefit would not be eligible for the benefit if it were not issued between April 1 2003, and March 31 2012.

The advantages you receive under Section 80D

Does term insurance fall under 80C or 80D tax laws? Well, as you can see, both sections work to your advantage. According to Section 80D of the Income Tax Act of 1961, you are entitled to tax benefits on the health insurance premiums you pay. So, you can receive the tax advantages that apply in this situation if your term policy includes provisions for things like critical illness coverage, hospital care coverage, and surgical care coverage.

Please remember that only specific entities, including you, your spouse, your parents, and any dependent children, are eligible to get the term insurance tax benefit 80D. Whether your parents are financially dependent on you or not is irrelevant in the case of parents. The most you can deduct from your taxes in this situation is 25,000 rupees. The maximum would remain the same even if you purchased the term planin your parent’s name.

The refund information in the term policies’ free-look periods

The Insurance Regulatory and Development Authority (IRDA) constantly works to develop and control the industry to benefit consumers and businesses. The term insurance tax benefit we discussed here only improves this situation.

One of these advantages is the free-look period. This clause specifies that if you are dissatisfied with the terms and circumstances of a term insurance policy, you may always return it within a specific time frame. During this period, you should cross-check the amount of premium to be paid using the term insurance calculator.

In this scenario, the insurance would reimburse you after making the required deductions. The Section 80C tax benefit for term plans enables you to save up to 1.5 lakh rupees annually. You can save 25,000 rupees on premiums and an additional 25,000 rupees on the insurance coverage you purchased for your parent’s thanks to Section 80D. If your parents are elderly, the amount will increase to 50,000 rupees.

There are 2 tax regimes in India – new and old. Choose the correct one after consulting an expert to get the tax benefit you desire. You can opt for a regime change during the next financial year.

Visit the official website of IRDAI for further details.

All savings are provided by the insurer per the IRDAI-approved insurance plan. Standard T&C apply.

When you are ready to have your meal and see your furry friend wandering around your food, giving you those innocent puppy face looks, you will want to provide them with something from your plate. This will not only build a bad habit but also lead to stomach problems in your canine and obesity. Also, offering your canine human food is harmful. Dogs begging for more food can be controlled. Most importantly, beggars can be choosers, and they can choose not to beg and earn rewards for behaving appropriately.

Many ingredients in human food can be toxic to fur babies and may cause allergies, sickness, or fatality. In times like these, you can rely on dog medical aid to provide your puppy with quality medical care at economical costs. With cheap pet insurance, your four-legged friend can be covered for diagnosis, medications, and treatment during non-routine vet visits.

Your puppy can put on a pleading expression and look at you from every angle, so you don’t miss out on their humble requests and stay there hopeful of receiving a few crumbs. At the same time, you might ponder their begging behavior and ask yourself a few questions: Did I deny my fur baby their meals or snacks? Did I feed them well enough? Why is my pup hungry yet? Have I been a good puppy parent? And more.

Allowing your pet food indulgences can adversely affect their health, especially if it involves human food. While you explore pet insurance policies, we have some simple yet effective tips on tutoring your dog not to beg for food.

• Offering your puppy some table scraps or sharing dinner from your plate can only encourage your puppy to ask every time you may eat at the table. It is best to set the boundaries right from the beginning so your puppy knows begging may not fetch rewards. A puppy needs to learn that they need to earn their treats. You can conveniently offer your fur baby an interactive play toy (with little treat dispensing features) when you get busy having food or snacks. This way, the puppy and parent can do their work with little interference.

• If you notice that your dog isn’t completing the food given to them and coming to you and pleading for food from your plate, it’s time to change their diet. Canines might require canned dog food to satisfy their taste buds.

• Another precaution you can maintain is blocking access to your dinner table from the pups. You can block them using baby gates or barricades. This is a brilliant way to stop them from begging.

• You can use commands to communicate info to your puppy if they are trained. Simple commands like “stay”, “wait”, and “go to your spot” can help you immensely in telling your pet what they exactly need to do. And a good boy may head to their crate, comfy bed, or a secluded living room corner awaiting your instructions. You can return to your fur baby in some time and offer them calculated portions of their favorite treats or snacks.
• Distract your puppy by giving them some cuddly toys to play with or promising them a walk a couple of minutes later. You can even have another family member tackle your furry companion until you finish cooking or eating.

Instruct the household members, friends, relatives, or other guests not to feed your puppy human food. You must also convey the message about not overfeeding your pup; that can usually happen when every person indoors wants to pamper your pet through feeding. Alternatively, you can ask them to give a few head rubs or cuddles to show their affection. No matter what, maintain consistency in your instructions so your furry baby doesn’t get confused each time they beg for food. Apart from you or others finding the puppy’s habit annoying, in the best interests of your furry friend’s health, the pet household may need to get over their habit of excessive feeding.

Obesity, diabetes, and pancreatitis are some of the most common medical conditions in pets with a sedentary lifestyle. Pet insurance can help your pet with superior dog medical aid for covered health issues. Compare the best and cheap dog insurance plans to assess the medical financial benefits before purchasing a pet plan.

As the name suggests, a comprehensive health insurance policy provides extensive coverage against all kinds of medical expenses, such as bed charges, daycare expenses, ambulance fees, pre-and post-hospitalisation expenses, etc.

 What does a comprehensive health insurance policy cover?

Comprehensive health insurance plans are known to provide exhaustive coverage. Let us look at the common things that are covered under this policy.

• AYUSH treatment
• Daycare treatment
• OPD expenses
• In-patient hospitalisation
• Domiciliary hospitalisation

Why should you buy a comprehensive health insurance policy?

You may have heard the adage, ‘Health is Wealth.’ But, today, due to the fast-paced lifestyle, most of us ignore our health, which makes us vulnerable to several lifestyle-related diseases. Not to mention, the rising medical inflation has made getting treatment for several illnesses unaffordable for many of us.

It is better to buy a comprehensive health insurance plan in such a situation. It will help you get financial support for medical expenses. In the event of a medical emergency, the insurer will take care of the bills, reduce your financial burden, and keep your hard-earned savings intact.

Most comprehensive health insurance policies cover the entire family, including spouse, and children, under a single policy. Some plans also extend the coverage to parents and in-laws.

Another significant reason many people prefer buying a comprehensive insurance policy is that it provides coverage against pre-existing illnesses after a certain waiting period. The waiting period may vary based on the condition you have, but it generally ranges between six months and four years.

Comprehensive health insurance gives you the flexibility of life-long renewability. This means you can keep your policy active for as long as you want. This feature is handy for senior citizens as the premium rises with age, and not many policies provide coverage after 65 years.

Apart from the basic coverage, a comprehensive health insurance policy gives you the flexibility to extend the coverage through riders or add-ons. You can purchase riders and get coverage against specific risks that are not covered under the standard policy. Some of the standard riders that you can consider buying include critical illness rider, maternity rider, waiver of premium rider, etc.

Most of the comprehensive health insurance policies come with cumulative bonus benefits. It allows you to increase the sum assured of your policy by a specific percentage if you do not raise any claim in the previous year. The cumulative bonus increases every year up to a particular limit for each no-claim year.

Like regular health insurance plans, comprehensive insurance policies allow you to avail of cashless treatment. Under this benefit, the insurance company settles the bill directly with the hospital. Cashless treatment is an excellent facility that allows you to avoid the hassles of arranging cash during a medical emergency.

Final Word

Buying a comprehensive health insurance policy is the best decision you can make to ensure your family’s well-being. While buying a comprehensive health insurance policy, compare different plans from insurance companies in terms of the coverage offered, terms and conditions, and premium and choose the one that best suits your needs and budget.